That's the question for the retirement planner. Would you rather earn less and have it be guaranteed, or would you rather take the chance, through the market's notorious ups and downs, that you'll earn more and that "more" will be there at the precise time you need it.

I can speak from experience on that one. I've been investing in the stock market since 1981 and seen several big drops starting from the one in 1987. I certainly feel a lot safer in retirement with more money and a portfolio so large that my annual withdrawal for living expenses is less than an insurance company would be taking from me in annual fees and expenses on an annuity.

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